US Oil Production And Demand Both Surprise To The Upside
EIA PSM was released today and both production and demand surprised to the upside. Let's dive into production first.
US oil production
US oil production in March came in at 12.696 million b/d or ~150k b/d higher than we had initially projected. One reason for the "surprise" was that our tracking model showed a surge in production, but we had falsely attributed to plant condensate.
Our real-time US oil production tracker has done a good job showing us the trend in US oil production to date, and one thing to note is that despite the spike higher in March, US oil production has fallen since.
We can double verify this via our monthly average vs the EIA 914 production. We include both the adjustment and the monthly oil production to see how accurate we are. And as you can see, we nailed March right on the dot.